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Determining the Price of Bonds On January 1, 2021, Copperthorne Ltd. issued bonds with a face value of $500,000 and a coupon interest rate of 4%. The bonds pay interest semi-annually. (a) Calculate the price that these bonds would sell for if they matured in five years and the market interest rate on January 1,2021, was (1) 5% and (2) 3%. (b) Calculate the price assuming these were 10 -year bonds and the market interest rate on the date of issue was (1) 5% and (2) 3%. (c) Explain the effect that market interest rates have on bond prices. (d) Determine if the effect that market interest rates have on bond prices is more or less significant as the term of the bond gets longer. Round all amounts to the nearest dollar. ACTION PLAN - Determine the price of the bond by determining its present value using four items: the number of periods that the bond pays out interest, the amount of each interest payment, the market interest rate, and the face value of the bond. Use these values to find factors in present value tables or to enter into a financial calculator. - Calculate the interest payment by multiplying the face value of the bond by the coupon interest rate. - If the market interest rate exceeds the coupon interest rate, expect the bond to sell below its face value (at a discount), and if the coupon interest rate exceeds the market interest rate, you should expect the bond to sell above its face value (at a premium)